The early birds among the developers who had correctly guessed that Gurgaon-Sohna Road has a great future had started their projects, commercial as well as residential, back in 2002. There were big names like Omaxe Construction, who started their residential project, South Avenue in 2002. Ashiana Homes started works on their premium residential project Silver Crescent. Likewise, Eldeco Infrastructure and Properties Ltd. had Eldeco Mansion villas and Vatika, and Niho came up with Scottish Castle during this time. Even then, this stretch really caught the fancy of property seekers in a big way only in 2004 and that gave a big push to the development of this area ever since.
Growing Demand
The reason for the skyrocketing demand and consequently the prices of property on the Gurgaon-Sohna Road is quite easy to comprehend. Vice President of Marketing, Sunit Sachar of the real estate developer Parsvnath, correctly pointed out the reason for this newfound impetus in the region. With all the places around Delhi as and Gurgaon getting congested and filled up, this was the automatic choice for anyone looking for properties in? Delhi NCR.
As per Mr Anand, Managing Director of Mast Ghar International, the prices of Gurgaon apartments have seen more than 100% increase in a span of 2 or 3 years. The rates have gone up from around Rs. 1400 per sq ft (psf) in 2003 to an estimated range of Rs. 2800 to Rs 4200 psf at present, as per the data available with Muneet Jhakar of JMD Group. This has taken the price of an apartment to anywhere between Rs. 50 to 70 lacs. At different locations the going rate for plots on GS Road is between Rs. 30,000 to Rs. 50,000 per sq. yd. A penthouse would fetch a crore or even more.
Commercial space on Gurgaon-Sohna Road also commands fabulous price. Office space goes for about Rs 5500 psf, while mall space goes for Rs 6500 psf. It goes up with location and preferences like floor plan, floor size, or the inside area of the building, to Rs 8000 psf. As Major Gen. Jayant Varma, ED (North) of Knight Frank India Pvt. Limited sees it. According to him, the top-end premium retail purchase quotes can be as high as Rs. 10,000 to Rs. 15,000 psf. Visit MastGhar.com for more information on Gurgaon properties.
